Homebuilder Hovnanian Enterprises (NYSE:HOV) posted a wider loss than analysts anticipated late yesterday.
Its fiscal fourth quarter loss narrowed compared to last year, at $132.1 million, or $1.68 per share, compared to $250.8 million, or $3.21 per share, in the same quarter last year.
Revenue totaled $353 million, compared to $437.4 million in last year’s fourth quarter.
Hovnanian said net contracts fell 13% compared to last year’s fourth quarter. The contract cancellation rate was 24%, unchanged compared to last year’s fourth quarter.
Shares are trading down over 3.4% Wednesday.
A check of some of Hovnanian’s fellow homebuilders: Pulte Group (NYSE:PHM) shares are trading down almost 1%, while Toll Brothers (NYSE:TOL) trades down .4%, KB Home (NYSE:KBH) trades down over .3%, and Lennar (NYSE:LEN) trades down 1.5%.
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